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| Canadian Budget Measures Enacted |
by Mike Godfrey, Tax-News.com, Washington
Tuesday, December 20, 2011
Canadian Finance Minister Jim Flaherty has announced that several tax measures
announced as part of the 2011 Budget in June have received Royal Assent.
The Keeping Canada’s Economy & Jobs Growing Act was enacted on December
16 and provides for a number of tax breaks designed to promote job creation
and economic growth.
The Act puts into place a temporary Hiring Credit for Small Business to encourage
additional hiring, and extends the accelerated capital cost allowance treatment
for investments in manufacturing and processing machinery and equipment for
two years to support the manufacturing and processing sector.
The legislation also expands tax support for clean energy generation to encourage
green investments and extends the Mineral Exploration Tax Credit for flow-through
share investors by one year to support Canada’s mining sector. Customs
tariffs are also simplified to facilitate trade and help ease the administrative
burden on businesses.
“As Canadians prepare for the holiday season, they can be assured our
government remains focused on what matters to them, creating jobs and promoting
economic growth,” said Flaherty.
“The measures in this Act will help support the strongest job growth
in the G-7, with nearly 600,000 net new jobs created since July 2009. And as
we prepare next year’s budget, we are listening closely, consulting with
Canadians across the country to better prepare the next steps to secure our
future prosperity in these difficult economic times," he added.
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